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WAGE

WageWorks

$45.05

-0.05 (-0.11%)

08:23
04/06/18
04/06
08:23
04/06/18
08:23

WageWorks resumed with a Hold at Needham

Needham analyst Mayank Tandon resumed WageWorks with a Hold rating after the company's management changes and restatement of FY16 results announced yesterday. Tandon says the initial range of restatements looks "relatively modest", though he also awaits more detail around WageWorks' financials and any update on the company strategy under the new management.

  • 12

    Jun

WAGE WageWorks
$45.05

-0.05 (-0.11%)

03/01/18
STFL
03/01/18
NO CHANGE
STFL
Buy
WageWorks pressured by speculation related to filing deadline, says Stifel
Stifel analyst David Grossman noted that a competing research firm speculated in a note to clients this morning that WageWorks' lack of a 10-K filing or Q4 report as of yet may relate to the company's calculation of organic growth given there was correspondence between the company and the SEC about this issue previously. Grossman has "no idea whether this is, in fact, the issue, or whether it is an accounting issue at all" that is causing a delay, which could be a function of multiple factors. He adds that he has previously "written extensively" about the deceleration of the company's organic growth rate, which he believes going forward is high single digit. Grossman has a Buy rating on WageWorks shares, which are down 13% in late morning trading.
03/02/18
WBLR
03/02/18
NO CHANGE
WBLR
WageWorks government contracts continue as normal, says William Blair
William Blair analyst Robert Napoli says that after speaking to WageWorks management, he understands that total government revenue is about $15M-$20M, or less than 5% of total revenue. The press release Friday morning refers to only one contract, so the revenue related to the revenue recognition problem is much less, Napoli tells investors in a research note. He believes WageWorks continues to operate the government contracts on a normal basis and expects that will remain over the long term. The analyst does not believe there was overbilling or anything done that was misleading to the government. As such, Napoli believes it is unlikely there was any fraud or illegal activities at WageWorks. Business continues to operate on a normal basis, the analyst contends. He believes the company's annual filing is likely to take a few weeks or more, however. The analyst does not have a rating on WageWorks. The stock in morning trading is down 6% to $39.95.
03/02/18
RHCO
03/02/18
NO CHANGE
RHCO
Buy
WageWorks organic growth metric not driving 10-K delay, says SunTrust
SunTrust analyst Tobey Sommer said he does not believe that WageWorks' (WAGE) calculations of its organic growth is currently an issue driving the company's delay in filing its 10-K report. He thinks the issues currently relate to the company's prior acquisition of the Consumer Health Spending Account business from ADP (ADP), an ERP implementation in 2017 and the large Office of Personnel Management contract. He maintains a Buy rating on WageWorks shares.
03/05/18
NEED
03/05/18
NO CHANGE
NEED
WageWorks rating suspended at Needham
Needham analyst Mayank Tandon suspends his Buy rating and removes his $82 price target on WageWorks after the company's announcement delaying its Q4 earnings due to internal control weakness "related to managing change and assessing risk in the areas of non-routine and complex transactions". The analyst cites a lack of clarity about the impact of the internal controls investigation on the company's financials.

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